by Guest » Fri Oct 14, 2011 05:08 am
I just went to court on Wednesday, 10/12/11, for a diminished value suit. My new 2010 Toyota Prius IV was hit from the drivers door all the way back 17 days after I purchased it. (Purchased it 7/28/09, accident on 8/13/09). The repairs were $3,070. (included a new back door and back quarter panel - unibody). They offered me $1359 in diminished value. The judge found in my favor for $1359.50 and court costs. Does this seem fair to you or should I appeal? I didn't think it was a fair settlement.
Posted: Fri Oct 14, 2011 05:54 am Post Subject:
This is more of a law question, I don't know if the insurance experts here would be able to judge this.
I can only say that at least you have the peace of mind that the judgment went in your favor and your money spent for the case was not a complete waste.
Posted: Sat Oct 15, 2011 12:04 am Post Subject:
Odd... they offered you the same amount as you were awarded (which really means that they proved their case) yet they had to pay your court cost? So they were 100% correct, you were incorrect and they had to pay your expenses.
Can't know if you should appeal as no one knows the facts of the case. You would need to _first_ show grounds for an appeal even before going through the same process again. Is there something that could not have been known then that is known now? Can you show that the judge errored in some way?
Posted: Sat Oct 15, 2011 09:03 am Post Subject:
I was awarded 50 cents more than they originally offered, so I wouldn't say they were 100% correct. They had an "expert" testify that used a formula (probably the Georgia formula). My attorney had an expert, but didn't testify because he recently went to work for the same insurance company I was dealing with, so I was at a disadvantage with no "expert" to dispute anything. That formula doesn't even come close to the diminished value. It was a new model year, the cars had just hit the market when I purchased the car and nobody could even give me an accurate estimate because they didn't know the price of the parts. Even the insurance company wouldn't give me an estimate at their drive-in claim office! I had to go out and try to get estimates. What a joke! So I suppose I should have spent another 8K 17 days after spending 30K to replace the car immediately (I would have had to order one) so I had "proof" of a loss, Now when I sell the car I'll have to eat about 3K because of some formula. Carmax wouldn't even buy it because of structural/frame damage. You just can't win.
Posted: Sat Oct 15, 2011 01:49 pm Post Subject:
[My attorney...]This is who you should speak to about an appeal. As I mentioned though, it's _very_ difficult to appeal.
I had to go out and try to get estimates
I know... showing what your damages are... you'd think they would just give you a blank check to fill in.Carmax wouldn't even buy it because of structural/frame damage.
Carmax is a very poor choice to sell a vehicle to.It sounds like to me that the judge only awarded you the extra $.50 so that your court costs would be paid for. It's still odd.
I've bought several vehicle's that have had prior damage that have been repaired. That they had been damaged and repaired did not matter much to me as these days vehicle's are made to be repaired. In reality the vehicle is the same after the repairs (especially if OEM parts are used). Granted, I'd be more willing to accept that a high end vehicle would loose some value rather then your average run of the mill vehicle.
Posted: Sat Oct 15, 2011 07:08 pm Post Subject:
I don't think your diminished value will be a constant 3k over the life of your car, when you consider depreciation. You won't know if you will be out ANY money for diminished value until you sell the car.
You mention the frame is damaged? If so, I'm surprised the auto insurance did not total the car.
Did you ask your attorney if you have grounds to appeal?
The judge must have felt you had a valid reason to take the case to court, since the judge allowed your court costs to be covered. But you are talking about a fairly small amount of money. Would the cost of further litigation be worth it?
Posted: Sun Oct 16, 2011 01:38 am Post Subject:
My attorney said before the case started that we can appeal. Makes me wonder. I had to go out and get estimates because their "drive-in" claims adjuster wouldn't even attempt to estimate the damages because he didn't have anything to go by since it was a model/body style change and parts weren't even available. That was VERY difficult since other body shops didn't want to do estimates, either. It took almost 2 months until I could get an estimate! The 3K is what I will loose when I sell the car now. I would have loved to have been able to afford to trade the car immediately, but I had just paid cash for the car and didn't have the money to buy a new one. I was told because it was a Prius (unibody) that it would not be totaled, but had it been any other vehicle, it would have been totaled. I asked the insurance company to just let me trade it for a new one without it being repaired and give me the amount of repair towards a new one. They wouldn't do that, either. I wish it had been totaled, since I took out insurance for the "new car replacement" for a year. That way, my insurance would have covered the cost of a new car.
Posted: Sun Oct 16, 2011 02:00 am Post Subject:
They wouldn't do that, either
I've never heard of an insurance company not paying the third party directly the repair cost of the vehicle. Why would they care what you did with the money? Makes no sense.Add your comment